Asset price fluctuations without aggregate shocks.
We analyze the pricing of a productive asset in a class of dynamic exchange economies with heterogeneous, infinitely-lived agents, and self-enforcing intertemporal trades. Individual incomes fluctuate and are correlated; preferences, dividends and aggregate income are fixed. Almost all economies in...
| Publicado en: | Journal of Economic Theory Vol. 136; no. 1; pp. 126 - 144 |
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| Autores principales: | , |
| Formato: | Artículo |
| Publicado: |
Academic Press Inc.
September 2007
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| Materias: | |
| Acceso en línea: | Ver este registro en EBSCOhost |